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Daily Market Wrap: May 10, 2012
Thursday, May 10, 4:57 PM ET

Stocks climbed back into positive territory after news of a better than expected jobs report that gave investors a sense of optimism.

The Labor Department is reporting a drop in weekly claims for unemployment last week, falling 1000 to a seasonally adjusted 367,000.

369,000 was the number economists were expecting.

Also on the economic front, the US trade deficit widened to $51.8 billion in March, which was more than expected, and also marked the fastest rate in 10 months.

Cisco Systems (NASDAQ:CSCO) beat earnings expectations, but posted disappointing guidance, sending shares lower today.

Shares of Kohl's (NYSE:KSS) are also trading lower today, after the retailer posted a steep drop in earnings, due to price cuts.

In M&A news, Coty upped its bid to acquire Avon Products (NYSE:AVP) to about $10.7 billion. Coty said the offer will be withdrawn if Avon doesn't enter into discussions by Monday, May 14th.

Tomorrow, we'll take a look at the consumer sentiment report as well as earnings from Nvidia (NASDAQ:NVDA).

For Marketnewsvideo.com, I'm Sayoko Murase.

Daily Market Wrap: May 10, 2012 picture
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Daily Market Wrap: May 10, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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